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Tyco Expects to Proceed
With IPO of CIT Group

PEMBROKE, Bermuda -- Tyco International Ltd.'s chief financial officer said the company is confident it can complete a sale or initial public offering of its CIT Group finance unit by the end of June.

Mark Swartz also told an investor conference call Thursday that the company plans to pay off at least $10 billion of the $27 billion in debt being shouldered by its industrial arm, using the proceeds from the CIT deal, along with cash on...